Global recession has been especially harsh to media heir and onetime richest Australian as fortune more than halved amid collapsing casino industry, rumored angst and plain bad luck. Son of legendary media tycoon Kerry Packer, inherited $5 billion empire after dad's death in 2005. Quick to put personal stamp on business, spun off media assets and bet on gaming business, Crown, which started trading in December 2007. Recent market carnage spared no part of his empire. Crown shares down 60% in past year on top of $290 million of writedowns forced by losses at Las Vegas casinos. Family's financial firm, Challenger, suffered $145 million of writedowns and a 64% decline in stock price; stake in Consolidated Media Holdings shrank by two-thirds. Resorted to liquidating lifestyle: recently put luxury yacht up for sale and sold stake in family cattle farm for reported $275 million. Still, year wasn't all bad: Packer and his model wife, Erica, welcomed their first child, daughter Indigo, in July.